Global beef market to reach $383 billion in the next 6 years
Foodservice in the US and a higher rate of beef consumption in China is expected to drive the value of the global beef market at 383.5 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 3.1% CAGR during the forecast period.
The US market has increased imports of chilled grass beef even if the country is one of the world's largest producers of beef. Demand from restaurant chains such as Burger King and McDonald's is also expected to contribute to the growth of the US market.
Also, China is switching from other animal protein towards beef due to surging awareness associated with the consumption of protein through high nutritional food and favourable government initiatives pertaining to the food industry.
Recently, the government of China lifted the ban on Australian chilled and frozen food. It is expected that the government will also lift the Brazilian imports ban over the coming years, says the report.
Also, the constant rise in Islamic population will trigger demand for halal beef over the next six years. The analysts believe that loin cut will be the fastest growing segment, registering a CAGR of 3.5% from 2017 to 2025. At the same time, the halal slaughter method is projected to expand at a CAGR of 2.7% over the forecast period in terms of volume.
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